Economic Progress in Britain in the 1920s

For many years now the 19205 have been regarded as a period of stagnation as far as the British economy is concerned. Contemporaries were in no doubt that these were bad years. Their anxious desire to return to normality or to what they considered to be the belle époque of the Edwardian era was an indication of the distress of the times. This impression is no doubt somewhat understandable since the period was notable for high unemployment, stagnating exports and declining basic industries. Many later scholars have continued to pass unfavourable judgement on these years. Arndt in 1944 for example, stated that Britain’s economic progress was not commensurate with that of other advanced industrial countries.1 By concentrating on Britain’s poor export performance Lewis, in his Economic Survey, paints a very dismal picture of the 192os and concludes that ‘there was not even an interlude of prosperity ’ 2